In seasonally adjusted terms, exports of non-monetary gold for May 2011 is the 5th highest on record at $1,621m, rising $536m (49%) between April and May 2011, after falling $260m (19%) between March and April 2011.

On a recorded trade basis, between April and May 2011, non-monetary gold rose $546m (53%). Exports to United Kingdom were up $889m, driven by an increase in volumes. Partly offsetting this rise was exports to Singapore, down $319m, driven by a decrease in volumes.

Exports of services

SERVICES CREDITS

In trend terms, services credits fell $16m to $4,150m.

In seasonally adjusted terms, services credits rose $1m to $4,167m.

The only component contributing to the rise in the seasonally adjusted estimates was other services, up $9m (1%).